THE DAILY REPORT
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EUR - ECB Interest Rate Decision
EUR - ECB Monetary policy statement
USD - Initial Jobless Claims
USD - Goods Trade Balance
Major Bloomberg & Reuters News
U.S. dollar rises on weak euro zone data
The U.S. dollar strengthened as much as 0.8 percent against the euro on Wednesday to its strongest since Aug. 20 after European data signaled that economic growth could be flagging across the euro zone.
The Canadian dollar fell by 0.76 percent on Wednesday morning following the country’s central bank raised interest rates as expected and said more hikes would be needed to keep inflation in check. The loonie had retraced some of its losses by midday.
The Bank of Canada - which has now lifted rates five times since July 2017 as the economy strengthens - tweaked its standard language on future hikes, dropping previous references to the gradual pace of tightening.
The Japanese yen, often bought when broader markets slide, gave up its earlier gains, suggesting some renewed demand for risk-taking as stock markets rebounded on Wednesday. The yen weakened to 112.42 yen per dollar, but remains almost two percent stronger since Oct. 4.
Sterling fell 0.39 percent to $1.293 amid intensifying concerns about whether the UK can reach a Brexit agreement.
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